Industry
Despite low preliminary estimates, the spring blizzard that hit Colorado is now expected to cost insurers US$93.3 million dollars, says the Rocky Mountain Insurance Information Association (RMIIA).Early estimates had the insured loss at just US$33.6 million, but this has tripled, leading to the claim that the March 18-19 blizzard could be the most costly winter […]
By Canadian Underwriter | April 14, 2003
2 min read
Fairfax Financial Holdings Ltd. says a preliminary prospectus for an initial public offering (IPO) of common shares of Northbridge Financial Corp., a Canadian insurance holding company, has been filed.Northbridge would then become the holding company for Fairfax’s Canadian insurers Lombard, Commonwealth, Markel and Federated.As of December 31, 2002, the combined companies of Northbridge had total […]
1 min read
A decision by the U.S. Supreme Court to overturn a US$145 million punitive damage award against State Farm is being hailed as a sign of the court’s willingness to limit such jury awards.The decision, overturns a Utah jury’s award from August 2002 and subsequent upholding of that award by the Utah State Supreme Court, in […]
Vancouver-based adjusters Brouwer Claims Canada & Co. has bought the business of Ward-InterSpect Ltd. and will now operate as Brouwer InterSpect & Associates.Ward-InterSpect is headquartered in Toronto, with field-adjsuting offices in Toronto, Montreal, Edmonton and Calgary, strengthening Brouwer’s coast to coast operations, currently in seven provinces. Ward-InterSpect also brings new services including third-party administration and […]
By Canadian Underwriter | April 11, 2003
Rating agency Moody’s Investor Services has lowered the outlook on its “Aa1” financial strength rating of Swiss Reinsurance Co. and subsidiaries from “stable” to “negative”. The rating agency says the negative outlook is in response to the reinsurer’s declining profitability as well as reduction in capital during 2002. Moody’s notes that its rating of “Aa1” […]
By Canadian Underwriter | April 9, 2003
In two separate actions, financial rating agency Moody’s Investors Service has downgraded Munich Reinsurance Co. to “Aa3” from “Aa1” while Standard & Poor’s has placed the Boston-based insurer Liberty Mutual Insurance Co. on credit watch with its current “A (plus)” rating under negative implications. In both cases, the rating agencies expressed concern with regard to […]
By Canadian Underwriter | April 7, 2003
Recent flooding across much of Nova Scotia has left many people homeless and damage to public infrastructure running into tens of millions of dollars, according to adjusters Crawford Adjusters Canada. No official estimate of insured losses resulting from the flooding has been released yet. Although water levels are now in abatement, the flooding caused damage […]
In a strange turn of events, the Centre for Study of Insurance Operations (CSIO) today said president Klaas Westera is no longer with the organization. No other details or reasons were given for the departure.Westera leaves just as the CSIO is set to launch its Internet broker-insurer portal in Ontario, and in advance of the […]
By Canadian Underwriter | April 5, 2003
The potential sale of troubled Gerling Group to HDI (Haftpflichtverband der Deutschen Industrie V.a.G.) has been called off, just as the sale of Gerling’s reinsurance arm has been given the green light.In a statement, Gerling Group says that after several months of negotiations between HDI and majority shareholders Dr. Rolf Gerling and Deutsche Bank, Gerling […]
By Canadian Underwriter | April 4, 2003
The website for State Farm Insurance Co. took top spot in the first Canadian survey of p&c insurance company websites. The survey, conducted by Toronto-based UBER analyze tested the thoughts of consumers and brokers on 50 Canadian sites. Coming in behind State Farm are Allstate, TD Insurance, Royal & SunAlliance and Kanetix (a site that […]
By Canadian Underwriter | April 3, 2003
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